Sundie Seefried
About Sundie Seefried
Sundie Seefried (age 63) is a Class III director of SHF Holdings (SHFS). She served as CEO from July 2021 until February 28, 2025 and joined the Board on April 14, 2024; she holds a B.S. in Business Management from the University of Maryland and an MBA in Finance from Regis University (CO) . She is credited with creating the cannabis banking program that underpins SHFS’s business and previously led Partner Colorado Credit Union (PCCU) as CEO (2001–2021) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| SHF Holdings, Inc. | Chief Executive Officer | Jul 2021 – Feb 28, 2025 | Led separation and scaling of cannabis banking platform; remained director thereafter . |
| Partner Colorado Credit Union (PCCU) | Chief Executive Officer | 2001 – Jun 2021 | Built cannabis banking program (predecessor to SHFS’s model) . |
| Eagle Legacy Services, LLC | CEO/Board member | 2017 – Mar 2021 | Executive leadership role . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Colorado Division of Financial Services | Board Member | 2019 – 2021 | State regulatory board . |
| Credit Union Association | Board Member | 2007 – 2015 | Industry association board . |
Board Governance
- Independence and role: Seefried is not “independent” under Nasdaq rules (due to executive service); in 2024 she was CEO/director, and in 2025 the Board identified other directors as independent, excluding her .
- Committee assignments: She is not listed on the Audit, Compensation, or Nominating & Corporate Governance Committees; those committees are fully independent and chaired by other directors .
- Attendance: Directors (including Seefried) attended at least 75% of Board/committee meetings; all directors attended the 2023 and 2024 annual meetings .
- Board structure: Classified board; lead independent chair is Jonathon F. Niehaus .
Fixed Compensation
| Component | 2023 | 2024 | Source |
|---|---|---|---|
| Base Salary (CEO) | $342,885 | $316,728 | |
| Annual Cash Bonus (CEO) | $66,767 | $46,667 | |
| Director Fees | $0 (no fees while CEO) | $0 (no fees while CEO) | |
| Employment Agreement Base (stated) | $350,000 | $350,000 | |
| Severance (contract) | 1x base salary upon termination without cause/for good reason | 1x base salary upon termination without cause/for good reason |
Notes: Her executive employment agreement (effective Sept 28, 2022) provided a $350,000 base, initial option grant, and 1x salary severance; she resigned as co-CEO on Feb 28, 2025 and remained a director .
Performance Compensation
| Instrument | Grant/Action Date | Terms | Vesting/Expiration | Amount/Price | Source |
|---|---|---|---|---|---|
| Stock Options (initial CEO grant) | Effective Sept 28, 2022 | Options for 550,000 shares at $6.67 | Vest over 2 years; expire 10/4/2032 | $6.67 strike | |
| RSUs (director/NEO) | Jan 10, 2023 | RSU grant | Unvested as of 12/31/2023 | 68,700 units; $97,554 MV | |
| Option award (post-CEO/director) | Apr 24, 2025 | Stock options | Director grant; standard terms | 11,628 options at $9.68 | |
| Performance metrics | Annual cash bonus tied to financial/operational objectives (qualitative disclosure; no numeric targets in filings) | Selected annually by Compensation Committee | Determined after year-end | n/a |
Other Directorships & Interlocks
- Public company directorships: None disclosed for Seefried .
- Board interlocks: Compensation Committee reported no interlocks in 2023; Seefried is not on that committee .
- Related-party context (board-level): PCCU is a major stockholder (21.6M shares in 2024; 33.0% in 2025 post-reverse split base) and had executives serving on SHFS’s Board in prior periods; SHFS maintains extensive commercial arrangements with PCCU via the Commercial Alliance Agreement—heightening the importance of independent committee oversight .
Expertise & Qualifications
- Regulatory/financial expertise in cannabis-related banking; built the operating model at PCCU that evolved into SHFS .
- Education: B.S. Business Management (University of Maryland); MBA in Finance (Regis University, CO) .
- Recognized for community and industry leadership in credit union and cannabis banking sectors .
Equity Ownership
| Reference Date | Beneficial Ownership (Shares) | % of Outstanding | Detail |
|---|---|---|---|
| Apr 15, 2024 | 1,614,839 | 3.0% | Includes vested/near-vested options at $6.67; RSUs also outstanding . |
| Oct 14, 2025 (record date) | 96,795 | 3.0% | Post 1-for-20 reverse split; includes 39,128 options at $96.63 strike (split-adjusted) . |
Pledging/Hedging: Company policy prohibits hedging/monetization without prior written consent; no pledging disclosure noted for Seefried .
Insider Trades (Form 4/5 snapshot – most recent)
| Filing Date | Transaction Date | Type | Security | Shares | Price | Post-Trans. Ownership | SEC Link |
|---|---|---|---|---|---|---|---|
| 2025-04-28 | 2025-04-24 | Award (Option) | Stock Option (Right to Buy) | 11,628 | 9.68 | 11,628 | https://www.sec.gov/Archives/edgar/data/1854963/000164117225006496/0001641172-25-006496-index.htm |
| 2024-12-17 | 2023-12-31 | Exempt (M) | Restricted Stock Units | 22,900 | 0.00 | 45,800 | https://www.sec.gov/Archives/edgar/data/1854963/000149315224050474/0001493152-24-050474-index.htm |
| 2024-12-17 | 2023-01-10 | Award | Restricted Stock Units | 68,700 | 0.00 | 68,700 | https://www.sec.gov/Archives/edgar/data/1854963/000149315224050474/0001493152-24-050474-index.htm |
| 2023-12-18 | 2023-12-14 | Open Mkt Purchase (P) | Class A Common Stock | 24,700 | 0.961 | 1,248,172 | https://www.sec.gov/Archives/edgar/data/1854963/000149315223045330/0001493152-23-045330-index.htm |
| 2023-12-12 | 2023-12-08 | Open Mkt Purchase (P) | Class A Common Stock | 3,700 | 0.993 | 1,218,272 | https://www.sec.gov/Archives/edgar/data/1854963/000149315223044559/0001493152-23-044559-index.htm |
Note: The company disclosed a late Section 16(a) reporting issue for Seefried regarding amendments to certain open-market purchases; she is in the process of late filing .
Governance Assessment
- Independence and committees: Seefried is not independent under Nasdaq (cooling-off from executive role) and holds no committee seats; this structure limits direct influence over audit/compensation/nom-gov matters—appropriate given related-party sensitivities .
- Related-party/conflict sensitivity: SHFS relies on PCCU under the Commercial Alliance Agreement (fees, income sharing, indemnities); PCCU also held a controlling/large stake and had board representation, requiring strong independent oversight (Audit Committee reviews related-party deals) .
- Engagement and attendance: Met attendance thresholds (≥75%); annual meeting attendance confirmed—positive for engagement .
- Alignment: Significant equity exposure via options/RSUs and open-market purchases; post-split ownership remains ~3%, supporting alignment, though late Form 4 amendment is a process red flag to monitor .
- Pay design: As CEO, compensation combined salary, annual bonus tied to operational/financial targets (undisclosed), and equity; contract provided standard 1x salary severance—no tax gross-ups disclosed; she did not receive director fees while serving as CEO .
RED FLAGS
- Late Section 16(a) reporting: Company disclosed Seefried failed to file an amendment related to certain open-market purchases (late filing pending)—process/control weakness to watch .
- Related-party exposure: Extensive commercial arrangements with PCCU (loan/account services, income sharing, indemnities) necessitate robust independent committee oversight; any Seefried involvement should remain outside committees to avoid perceived conflicts .
- Capital structure actions: 2025 special proxy shows significant financing actions (reverse split, share authorization increases, management participation in financing) that can dilute investors; while not naming Seefried specifically among “Management Participants,” this environment raises governance and alignment scrutiny for all insiders .
Additional Reference Details
- Board and leadership updates: Seefried appointed to Board April 14, 2024; no additional director compensation while CEO .
- Beneficial ownership evolution: 1.61M shares (3.0%) as of Apr 15, 2024; 96,795 (3.0%) as of Oct 14, 2025 (reflects 1-for-20 reverse split and new share count base) .
- Director compensation structure (peers): Non-employee director package included meeting fees, quarterly retainers, committee chair retainers, and fully-vested RSUs; Seefried excluded while CEO .